Sale of the Week: The $2.3-million building that shows what commercial frontage on Queen West is worth

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Published on: May 2, 2016

Address: 654 Queen Street West

Neighbourhood: Trinity Bellwoods

Agent: Richard K. C. Ling, Harvey Kalles Real Estate Ltd., Brokerage

The property: A Queen West commercial-residential property, with a storefront at street level and living space above.

The history: The seller bought the property four years ago, wanting a place to stay when she was visiting her daughter, who goes to school nearby. She renovated the living space into a modern two-storey loft.

The fate: The buyers are a couple looking to move into the area. They loved the renovation and the potential for extra income from the storefront downstairs, currently leased to a candle boutique.

The sale: The selling agent marketed the property on Facebook, and also reached out to some personal contacts. He says the fact that the storefront is already under lease was a dealbreaker for a few suitors who wanted to use the space themselves. There were a few interested parties, but none were able to offer anywhere near the asking price. Finally, after the agent spent weeks courting several buyers, a five-way bidding war ensued. The seller took the highest offer, at $380,000 under asking.

By the numbers:

  • $2,300,000
  • $15,362.39 in property taxes (2015)
  • 174 days on the market
  • 14.83-by-107.33-foot lot
  • 4 bathrooms
  • 3 bedrooms
  • 0 parking spaces

The house for sale at 654 Queen Street West
The seller turned the upstairs living space into a modern, two-storey loft.

toronto-house-sold-654-queen-street-west-3
That brown cabinet in the background is actually a Murphy bed.

toronto-house-sold-654-queen-street-west-4
The kitchen is small, but it’s modern.

toronto-house-sold-654-queen-street-west-5
One of two bedrooms, with terrace access.

toronto-house-sold-654-queen-street-west-6
The master bedroom.

toronto-house-sold-654-queen-street-west-7
The third-floor terrace.

More Sales of the Week

Article source: http://torontolife.com/real-estate/houses/toronto-house-sold-654-queen-street-west/

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